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Phoenix to expand business open to new customers, hires Aviva's Ground

Tue, 4th Aug 2020 13:37

Aug 4 (Reuters) - British life insurer Phoenix said
on Tuesday it was expanding its business open to new customers
with the appointment of Aviva's Tom Ground to lead
Retirement Services.

Phoenix, a specialist in buying and managing books of
business closed to new customers, also said it was setting up
five "open" business units.

In addition to Retirement Services, the four other units
include Standard Life International and Ark Life, as well as
SunLife, Phoenix said in a statement.

The move comes after Phoenix last month completed a deal to
buy the British ReAssure closed life business of Swiss Re
for 3.2 billion pounds ($4.1 billion) in its largest
deal ever.

Ground will start his new role at Phoenix in Jan 2021.

Former Aviva executive Andy Briggs took over as Phoenix CEO
earlier this year.

(Reporting by Muvija M in Bengaluru)

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